FHA 203(k)

Purchase a dwelling on another site, move it onto a new foundation and repair/renovate it.

Refinance existing indebtedness and repair/renovate a property.

Repair/renovate a presently owned property.

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OK, now that you have a little background on the program, let’s begin to break down the process. It’s actually fairly simple.

Normally a short term loan, (AKA “construction loan”), is needed for home improvements. However, the 203(k) offers borrowers and lenders a single, long term, fixed or adjustable rate loan that covers both the purchase and rehabilitation of a property. That’s huge!

203(k) Consultant: What is a 203K Consultant and Why Do I Need One?

First and foremost the consultant is an integral part of your 5 member team. The consultant is responsible for organizing the lines of communication between the team members. And they’ll diffuse the complexity of the project by helping you with:

The homeowners wish list – See Video at Right >>>

HUD’s 35 category repair lists

Can guide you through rehab process and time line

Attributes to look for in a Consultant:

Internet “savvy” and current software availability

Experience in construction estimating

“Hands-on” field experience

Home Inspector background

Ability to write reports

Knowledgeable in energy and building science

Versed on code requirements

Knowledge of hazardous building materials and regulations ( ie: Lead Paint, Asbestos)

Loan Amount

Monthly Payment

Streamlined (k)

For less extensive repairs/improvements, see Streamlined 203(k). The “Streamline (K)” Limited Repair Program permits home buyers or current home owners to finance an additional $35,000 into their current or new mortgage and pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program or call me for more info: 601-691-1496

Client Testimonials

I was impressed. very thorough with inspection. Handled in a very timely manner, The best. Would not use anyone else.

Angelia Little

Thank you so much for your very professional home inspection report. I am always impressed by your knowledge, web site, and your ability to explain unfamiliar terms to my in a way they can understand even when they are first time buyers. Thanks you again for always taking great care of my clients.

Karen Newsom

Gary Smith is one of the best home inspectors in the area! He is extremely thorough when he inspects and precise with the reports of his inspections. I would recommend him to any home owner who needs an experienced professional home inspection.